Insurance & Banking Case Study

Increase Credit card spend

  • The Challenge

    • Increase spend from Platinum credit card holders.
    • To distinguish the customer segment with variables.
    • Increase its incremental revenue
    • Analyze customer behavior and characteristics to target.

    The Solution

    • Segmented consumers based on Recency, Frequency, Monetary and Spend Category.Mapped lifestyle variables to segments to quantify spend potential and identify spend categories
    • Estimated share of wallet for each category by segment
    • Customize offers based on share of wallet
    • Targeted bill inserts and emails to promote offers

    The Outcome

    • Increased spend by 30% over the next 6 months
    • Able to differentiate best and worst segments based on the pattern of spend
    • Understand patterns and reasons to minimize negative segment population and increase positive segment population